Many hotels, feeling the heat from competitors springing up all around, are being forced to find new ways in which to set themselves apart and be the first choice for vacationers and travelers. Fancy, newly designed resorts, exquisite locations and advertising and promotions are making their job more difficult. But keeping up with the competition can sometimes result in creating new risks and new exposures as well.
The hospitality industry has a lot of potential for claims and lawsuits that could exceed the limits of their standard insurance policies. New York Excess Umbrella insurance is a great way of providing extra coverage for your clients in the hotel and resort business. This coverage is designed to protect them financially in the event of a catastrophe.
There are serious concerns with serious consequences
With all of the immense problems plaguing the world today, issues such as terrorism, cyber terrorism, and kidnap & extortion, these are things that every hotel owner needs to consider as real threats when it comes to the safety and security of their guests and staff. However, it doesn’t take an act of terrorism to require purchasing New York Excess Umbrella coverage. A fire, a collapsed stairwell, the theft of extremely expensive valuables; these are all events that could trigger a very costly lawsuit.
Simply relying on a standard policy creates some major issues since, once the maximum limit has been reached, the owners would be hard pressed to pay the additional settlement amount, which could easily devastate a business if a major incident ever took place.
Effective planning and communication should be applied, validated and integrated and should not be based on short-term planning, but should exceed this to deal with any possible hazards or concerns. A written emergency preparedness plan should be updated regularly, and a direct communication system should be employed to respond to and overcome any crisis.
Having umbrella, or excess liability is great for many types of businesses, including construction, hospitality, manufacturing, printing, retail and more. Plus, as a knowledgeable insurance broker, you can talk to clients about the many options that exist with excess liability, as well as New York Excess Umbrella insurance, to ensure that they have the higher limits extended on their policies.